Guest Contributor | Jan 17, 2023 | 0
European Commission to aid African Legal Support Facility with 5 million euro boost
The African Legal Support Facility (ALSF) will receive five million euros, to finance the Facility’s Medium Term Strategy for the next five years, from the European Commission, according to a statement from the African Development Bank this week.
The assistance will boost resources required to consolidate mainly in the infrastructure and extractive sectors, added the statement.
Director of the African Legal Support Facility, Stephen Karangizi said this will reinforce the partnership between the two organisations in other common areas of interests, such support to development work in fragile states, climate resilience and debt sustainability.
“The grant will help the African Legal Support Facility fulfill its mandate to assist African countries to negotiate,” he emphasised.
The African Legal Support Facility, which is hosted by the African Development Bank, to date has supported African countries to negotiate commercial deals worth more than US$60 billion in potential investments.
The facility is dedicated to providing legal advice and technical assistance to African countries in their negotiation of complex commercial transactions, creditor litigation and other related sovereign transactions.
The ALSF also develops and proposes innovative tools for capacity building and knowledge management.